Press release
Global Microwave Devices Market Size to Grow at a CAGR of 5.29% in the Forecast Period of 2023-2028
Microwave Devices Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 10.16 billion
• Forecast CAGR (2023-2028): 5.29%
• Forecast Market Size (2028): USD 13.84 billion
Microwave devices are used in various sectors including communications and military and defence. The increasing use of microwaves in radar and satellite communications in the military and defence sector is driving the market growth. Microwaves are also gaining traction as a crucial communication tool among paramilitary forces for the secure procurement of accurate information about enemy territory. Over the forecast period, the increase in military expenditure expected across the emerging economies is likely to provide impetus to the global microwave devices market.
The heightened applications of microwave devices in modern communication systems such as radio astronomy, remote sensing, and point-to-point communication links, among others, is further fuelling the market growth. In addition, the explosive boom of wireless technology is another major factor propelling the demand for microwave devices.
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Other applications of microwave devices include airport surveillance, air traffic control, cordless telephones, weather radar systems, and vehicle speed detection, among others. In the coming years, the rapid increase in digitalisation is anticipated to aid the microwave devices market.
Microwave Devices Industry Definition and Major Segments
Microwave devices are the type of devices which can detect, measure, or amplify a microwave. These devices enable users to transmit video, audio, and information at high speeds, which facilitates satellite and radio communications. Microwave devices include the microwave circuits of frequencies 300 MHz to 300 GHz.
Based on band frequency, the market can be segmented into:
• S-Band
• C-Band
• X-Band
• Ku-Band
• Ka-Band
On the basis of application, the market has been classified into:
• Communication
• Medical
• Military and Defence
• Others
Based on region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Microwave Devices Market Trends
The key trends in the global microwave devices market include the technological advancements in the military and defence sector which is accelerating the adoption of microwave devices to facilitate advanced military operations. Microwave devices are an integral component in the manufacturing of surface ship radars which are gaining traction in the naval forces of sovereign nations. Over the forecast period, increasing geopolitical tensions are likely to lead to expansion of military capabilities of strong economies, which in turn are likely to accelerate the market growth for microwave devices.
The rapid development of W-Fi technology owing to the rising demand from enterprises and households, is another key trend fuelling the microwave devices market growth. Moreover, the increasing availability of high-speed internet is further encouraging the adoption of microwave devices. Digital upgradations in the healthcare sector are another key trend in the market fuelling the development of high-end medical equipment which is in turn improving the sale of microwave devices.
Key Market Players
The major players in the Global Microwave Devices Market are :
• Cytec Corporation
• Communications & Power Industries (CPI)
• Teledyne e2V
• Richardson Electronics, Ltd.
• TMD Technologies Ltd
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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